State Bank of India (SBI) has announced pilot launch of a distribution alliance with Cox & Kings for sale of travel prepaid cards in India. This partnership is expected to help marketing of travel prepaid card available in eight currencies (USD, GBP, Euro, Singapore Dollars, Japanese Yen, Canadian Dollars, Australian Dollars and Saudi Riyal) and will currently target the corporate customers of the bank.
Speaking at the launch, Manju Agarwal, deputy managing director – digital banking and new businesses, SBI, said, “The bank is excited as this has been the third alliance SBI has entered into for travel card business to supplement their distribution reach which is already very deep in the consumer segment.”
The partnership with Cox & Kings is said to help the bank to serve its corporate segment and travel segment, where the bank is not much active in the product category due to service delivery challenges which can be facilitated with Cox & Kings coming on board. The pilot will be initiated in select branches and based on the learning will be expanded across the country in near future.
Anil Khandelwal, chief financial officer, Cox & Kings, said, “We are delighted to partner with SBI and to offer the entire gamut of forex services and the State Bank Travel card to its corporate customer base. Cox & Kings has an excellent track record in the distribution and servicing of forex travel cards and this association with SBI is a great opportunity to expand our presence and service large corporates.”
